scorecardresearch
Mahindra & Mahindra to unveil its EV XUV 400 in September this year

Mahindra & Mahindra to unveil its EV XUV 400 in September this year

In a regulatory filing late Thursday night, the company's executive director (for its auto and farm division), Rajesh Jejurikar, said that M&M expects 20 per cent to 30 per cent of its SUVs to be electric by 2027. He also pointed out that the company will reveal its EV -- the XUV 400 -- in September this year.

Mumbai-based automaker Mahindra & Mahindra (M&M) has said that it will unveil its first EV later this year. Mumbai-based automaker Mahindra & Mahindra (M&M) has said that it will unveil its first EV later this year.

Mumbai-based automaker Mahindra & Mahindra (M&M) has said that it will unveil its EV, XUV 400, later this year.

In a regulatory filing late Thursday night, the company's executive director (for its auto and farm division), Rajesh Jejurikar, said that M&M expects 20 per cent to 30 per cent of its SUVs to be electric by 2027. He also pointed out that the company will reveal its EV -- called the XUV 400 -- in September this year.

“Mahindra has very exciting plans to be a leader in the electric SUV space. We would share our vision that includes our comprehensive product, technology, and platform strategy at the UK event on August 15, 2022, followed by a reveal of electric XUV400 in September 2022. We would expect between 20 per cent to 30 per cent of Mahindra SUVs being electric by 2027," Jejurikar said.

Commenting on the development, the company's CEO, Anish Shah said, “Mahindra, has been a pioneer in the electric vehicles space, and we are confident we will be the leaders in the electric SUV market in the future.”

In a bid to materialise its EV plans, the Mumbai-based automaker and UK’s Development Finance Institution British International Investment (BII) have implemented a binding agreement to invest Rs 1,925 crore each in a new four-wheeler passenger electric vehicle entity – EV Co.

The new subsidiary will receive the capital infusion of Rs 1,925 crore from both M&M and BII in two tranches at a valuation of Rs 70,000 crore or $9.1 billion. BII will receive 2.75 per cent to 4.76 per cent ownership of the EV company. Total capital infusion in the entity is envisaged to be ~Rs 8,000 crore between FY24-FY27 for the product portfolio, as per a BSE filing.

Earlier this day, M&M shares hit all-time high today after this deal was announced. The stock reached Rs 1,190.90, rose 5.17 per cent against the previous close of Rs 1,133.35 on BSE.